Credit cards can be an amazing financial tool and they can enable you to buy and experience things you might not otherwise be able to! As great as credit cards are, they can incur some hefty charges and it’s easy to find yourself in trouble if you don’t use your cards wisely. Here are some tips to help you use your credit cards responsibly! If you want more money tips, check out this section of my blog.
- Keep a close eye on your statements
It is always worth checking your credit card statements regularly to check you recognise all the listed transactions. If you don’t, and find a fraudulent transaction long after it was made, it will be much harder to straighten things out, and you will have been paying interest on the transaction.
- Pay off your card in full whenever you can
Paying off your card or cards whenever you can is a brilliant way of managing your credit responsibly. By doing this, you’ll get all the perks, points, and cashback from using your cards, but won’t have to pay any interest.
- Make sure to stay within your credit limit
Staying within your credit limit is important if you don’t want to incur any additional charges. To be extra safe, always try to stay a certain point under your credit limit!
- Don’t withdraw cash
Withdrawing cash using a credit card is a service that almost always comes with a heavy charge. Some other services like writing a credit cheque and buying gift cards will incur the same fees, so check with your credit card provider before you do any of these things.
- Keep your pin secure
Set your pin to something you can remember without having to write it down anywhere. This way if your card is ever lost or stolen, fraudulent transactions are less likely to happen.
- Don’t make late payments
Late payments come with a charge, so make sure you repay on time. Set a reminder on your phone or write a note in your diary if you think you’ll need a reminder to pay!
- Pay off more than the minimum payment
It can be really tempting to just pay back the minimum payback amount when it comes to credit cards. If you do this, it’ll take you much longer to repay, and you’ll end up paying more in interest. To reduce the amount of interest you pay, try and pay as much over the minimum payback amount as possible!
Thanks,
C
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